Bajaj Allianz General Insurance Q2 net up by 28%

The company said that this was despite settling claims worth Rs 130 cr in Jammu and Kashmir

Private non-life insurer Bajaj Allianz General Insurance has reported a 28 per cent increase in net profit at Rs 145 crore for the quarter ended September 30, compared to the year-ago period. The company said this was despite settling claims worth Rs 130 crore in the state of Jammu and Kashmir. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said the rise in motor and health insurance business helped the company achieve a higher overall growth.  “Weather-based crop insurance has also contributed substantially to the growth. We are happy to clock a higher than industry growth of 19 per cent in the first half of the current financial year and are looking forward to maintain this momentum for the rest of the financial year,” he said.

The company said focus on digitisation and better expense management had been instrumental in achieving the higher net profit. The company also added two new products to its health insurance portfolio and also launched an innovative cover in the home insurance segment. These new products have further added to the revenue, said the company.